The three things I got out of this were:
(1) You'll soon be able to send a playlist as a gift. So you can buy someone the modern equivalent of a mix tape.
(2) There may be plans for iPods or phones that are sold at lower capacities than the hardware permits. Could be cheaper for apple to standardize on parts, but, still, artificially differentiating prices when there is zero difference in the underlying good means either the price on the low end is artificially low (doubtful) or that the price on the higher end good is artificially high (meaning a competitor could offer the same thing at a reduced price). The danger of the latter is diminished by the power of apple's brand and the large lead in usability and quality it has over its rivals.
All that said, this tidbit could refer to something completely different.
(3) There are several hints in the strings and rsrc file that a Videos item will make its way into the Sources list. "Videos" already appears next to "Podcasts" in the Search Bar, but the proximity of Videos to both Podcasts and Party Shuffle (and Purchased in other places, though I'm not sure about that) makes me think that Videos is set to be included.
(4) Just to be sure I wasn't going crazy, I googled for some pics of the old iTunes. "Purchased Music" has now been renamed "Purchased." See, e.g., here:
http://joi.ito.com/images/it4.gif